• Business - Your Money
  • Updated: March 05, 2024

Bitcoin hits new all-time high, surpassing $69,000

Bitcoin hits new all-time high, surpassing $69,000

In an unexpected change of events, Bitcoin has risen to a new all-time high, surpassing $69,000, a huge milestone for the cryptocurrency.

This spike coincides with rising demand and recent regulatory approvals, particularly for spot bitcoin ETFs in the United States. 

Bitcoin's value has increased by more than 60% this month and around 205% this year, adding to a total crypto market capitalization of $2.55 trillion, with Bitcoin accounting for 52% of that.

The rise also comes ahead of the anticipated bitcoin halving event, which is due in mid-April and has historically fueled higher interest and price growth in the cryptocurrency.

Furthermore, the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs in January, attracting new institutional and individual investors, resulting in an increase in demand and trading volume.

As a result, the entire market capitalisation of spot bitcoin ETF products has risen to $53.74 billion, with trading activity exceeding $1.81 billion in the last 24 hours.

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